Americans increased their spending pace in March at a better-than-expected pace from the previous month, underscoring how shoppers remain resilient despite inflationary pressures and other economic challenges. Retail sales rose 0.7% last month after being up a revised 0.9% in February, according to the Commerce Department’s report on Monday.
A shopper looks at clothes at a Walmart store in Secaucus, N.J., on March 25, 2024. On Monday, April 15, 2024, the Commerce Department releases U.S. retail sales data for March Retail sales rose 0.7% last month — almost double what economists had forecast — after rising 0.9% in February, according to Commerce Department data released Monday. The February figure was revised upward. That comes after sales fell 1.1% in January, dragged down in part by inclement weather.
Government retail data isn’t adjusted for inflation, which ticked up 0.4% from February to March, according to the latest government report. So retailers had a solid sales gain accounting for inflation.Big banks warn of uncertain year ahead after mixed financial performances in the first quarter“Retail sales aren’t increasing just because prices are going up,” said Ted Rossman, senior industry analyst at Bankrate. “Americans are actually buying more stuff.
Sales at general merchandise stores rose 1.1%, while online sales was up 2.7%. Department stores had a 1.1% decline. Furniture stores and electronics and appliance stores also posted sales declines.to their payrolls and fueling hopes that the economy can plow through higher prices without succumbing to a recession despite high interest rates.
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